Hurting in the Hamptons

Godfather of the Hamptons, Steven Gaines, explains in New York Magazine that the Hamptons is suffering through the financial crisis along with the rest of us. It’s even taken a bite out of ArtHampton’s sales which were down significantly this year:

Last month Moody’s downgraded East Hampton’s credit rating and revised its outlook from stable to negative, “citing depletion of the town’s financial reserves.” And at this year’s Art Hampton, a baby Art Basel that was attended by 8,000 people, sales were down 40 percent to $6 million. When the Parrish Art Museum broke ground for a new Herzog & de Meuron building last month, it had to settle for a modest $25 million building instead of the dazzling, $80 million, pre-crash version. Yes, people are really hurting.